The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1887-12-08
gREVENUE REDUCTION.
Gist Of the Presidents Annual Mes
s'ge to Congress.
Discussing the Surplus in the U. S.
Treasury
-
And the Present High Protective
Tariff.
A Compa ratiVeIy Short Document for
the Kind.
Heads Of Departments Left to Make
Is Their Own Reports.
,ees Congress Of the United States.

Toe6e Congress Of the United States.
.Tou are confronted at the threshold
your legislative duties with con-
Lion Of the national finances which
Gnperatively demands immediate and
careful consideration. The amount of
money annually exacted through the
operation of present laws from the
industries and necessities of the people
largely exceeds the sum necessary to
meet the expense of the government.
When we consider that the theory of
our institutions guarantees to every
citizen the full enjoyment of all the
fruits of his industry and enterprise
with only such deduction as may be
his share toward the careful and
economical maintenance of the
government which protects him, it is
t, plain that the exaction of more than
this is an indefensible extortion and a
culpable betrayal of American fairness
and justice. This wrong inflicted up
on these who bear the burden of
national taxation, like other wrongs.
multiplies a brood of evil consequences.
The public treasury which should
only exist as a conduit conveying the
peoples tribute to its legitimate
object of expenditure, becomes a
boarding place for money needlessly
withdrawn from trade and the peoples
use, thus crippling our national
energies, suspending our country's
development, preventing investments
in productive enterprises, threatening
financial disturbance, and inventing
schemes of public plumber.
This condition OF our treasury is not
altogether new, and it has more than
once of late been submitted to the peo-
pies representatives to the congress,
who alone can apply remedy. And
vet the situation still continues with
aggravated incidents, more than ever
presaging financial CONFUSION and
widespread disaster. 1t will not do to
neglect this situation because its dam
gers are not now palpably imminent
and apparent. They exist none the
|. less certainty and await the unfore-
seen and unexpected occasion when
suddenly they will be precipitated upon
us. On the 30th day of June, 1885, the
excess of revenues over public expend-
itures, after complying with the annual
requirements of the sinking fund act,
was SIT $50 1854; during the year
ended June 80, 1886, such excess
amounted to S49, 400, 545. 90 and during
the wear ended June 80. 1887, it reached
the sum of $55 ,567 ,S40. 81.
The annual contributions to the
sinking fund during the years above
specified, amounting in the aggregate
to Sl8S, O5S 1905 and deducted from
the surplus as stated were made by
calling in for that purpose outstand-
ing three per cent bonds of the govern
ment. During the six months prior
to June 30, 1887, the surplus revenue
had grown so large by repeated
occurulations that it was feared the
withdrawal of this great sum of money
needed by the people would so effect
the business of the country that the
sum of $40, 1854, 100 of such surplus was
applied to the payment of the principal
and interest of the three per cent
bonds still outstanding and which
were then payable at the option of the
government. The precarious condi-
ton of financial affairs among the peo-
pie still needing relief Immediately
after the 30th day of June 1887, the
remainder of the three per cent bonds
then outstanding amounting with
principal and interest to the sum OF
Sl8, S77 500 were called in and ap
piled to the sinking fund contribu.
tion for the current fiscal
year. Notwithstanding these opera
lions of the treasury department repre-
sensations of distress in business circles
not only continued but increased and
absolute peril seemed at hand. Ii
these circumstances the contribution
to the sinking fluid for the curren
fiscal year was at once completed BY
the expenditure of S27 1884 ,2S3.55 in TIT
purchase of government bonds not du'
bearing Al per cent interest. Th'
premium paid thereon averaging abou
"a per cent fol the former and 8 pc
cent for the latter. In addition to thi
interest accruing during the curren
wear upon the outstanding bonded in
debtedness OF the government was t.
some extent anticipated and bank
selected as repositories of public none.
were permitted to somwhat increas
their deposits. While the expedienti
thus employed to release to the peopl
the money lying idle in the treasuT-
served to avert immediate danger on
surplus revenues have continued to &C
cumulate. the excess for the presen
year amounting on the first da
of December to $50, 25S ,70l i
and estimated to reach the sum O
els, OOO, 900 on the 30th of June next
at which time il is expected that thi
sum, added to prior Accommodations
will swell the surplus in the treasury
S14O, 0O0, 900. There seems to be no as
surance that with such a withdraws
of the peoples circulating medium on
business community may not, in tn
near future, be subjected to the sam
distress which was quite lately pre-
duced from the same cause. and Will
the functions of our national treasuT
should be few and simple, and while il
best condition would be reached, b,
lieVe, by its entire diSconnectiOn wit
private business interests, yet when, b
q perversion of its purposes, it id
holds money uselessly subtracted fro
the channels of trade, there seems
be reason for the claim that some legi
innate means should be devised by Il
government to restore, in an eme
gency, without waste or extravaganza
such money to its place among the pc
pie.
If such an emergency arises the
now exists no clear and undoubted e
ecutive power of relief. Heretofo
the redemption of three per cent bono
which were payable at the option
the government. has afforded q mea
for the disbursement of the excess
our revenues; but these bonds have
been retired, and there are no bon
outstanding, the payment of which
have the right to insist upon. Thee
tribution to the sinking fund, viii
furnishes the occasion for expenditl
in the purchase of bonds, has been
ready made for the current year,
that there is no outlet in that directiC
In the present state of legislation |
only pretense of any existing execut
power to restore at this time any ID
of our surplus revenues to the peO
by its expenditure, consists in the 81
position that the secretary of the tire
ury may enter the market and purch
the bonds of the governmet not
due, at rate of premium to be ayr
upon.
The only provision of law from VIII
such power could be is found in
appropriation bill passed a number
years ago; and IL is subject to the ,